Vard, two cruise vessels for Hapag-Lloyd Cruises

27 August 2016 – Vard Holdings Limited (“VARD”), announced that it has secured contracts for the design and construction of two luxury expedition cruise vessels for German cruise company Hapag-Lloyd Cruises. A Letter of Intent (“LoI”) with respect to the contracts had been announced on 13 May 2016, with reference to an undisclosed international cruise company. Effectiveness of the contracts is still subject to customary financing conditions.

Developed by VARD in close cooperation with Hapag-Lloyd Cruises, the vessels are specially designed for cruises in polar regions in the Arctic and Antarctica, but are also prepared for operations in warm water destinations such as the Amazon. The vessels which will be equipped with state-of-the-art technological features and environmental technology, will have a high standard of facilities and fulfil the highest demands for environmentally friendly and safe operations.

The luxury expedition cruise vessels will be approximately 16,100 gross tons, about 138 meters long and 22 meters wide. Each vessel has seven passenger decks, with accommodation for a total of 240 passengers in 120 cabins and suites. The vessels will also feature a water sports marina and modern spa and fitness areas. The hulls of the vessels will be built by VARD’s shipyard in Tulcea, Romania, and delivery is scheduled from Vard Langsten in Norway in 1Q 2019 and 4Q 2019 respectively. CEO and Executive Director Mr. Roy Reite commented, “We are honored to have been chosen by Hapag-Lloyd Cruises for this project. A leading player like Hapag-Lloyd Cruises placing their trust in VARD’s capabilities to develop these unique, high-end vessels shows the recognition we have quickly earned in this segment of the specialty shipbuilding market.”

Hapag-Lloyd Cruises is a company with a tradition of progress. Owned by TUI AG and based in Hamburg, Germany, the company is the German-speaking region’s leading cruise provider in the luxury and expedition segments. 125 years after inventing the very concept of the cruise, Hapag-Lloyd Cruises continues a tradition of innovation in the cruise market, offering passengers outstanding vessels in their class and exciting expedition experiences worldwide.